Companies and Brands
Why Tapestry Is Tuesday's Big Earnings Winner
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When Tapestry Inc. (NYSE: TPR) released its fiscal fourth-quarter earnings report before the markets opened on Tuesday, the company formerly known as Coach said that it had $0.60 in earnings per share (EPS) and $1.48 billion in revenue. Consensus estimates had called for $0.57 in EPS and revenue of $1.47 billion. The same period of last year reportedly had EPS of $0.50 on $1.13 billion in revenue.
During the most recent quarter, net sales increased 31% on a reported basis, while on a constant currency basis they increased 29%.
In terms of its segments the company reported as follows:
Looking ahead to the 2019 fiscal full year, the company expects to see EPS in the range of $2.70 to $2.80 and revenues between $6.1 billion and $6.2 billion. Consensus estimates call for $2.60 in EPS and $5.86 billion in revenue.
Victor Luis, CEO of Tapestry, commented:
Our strong fourth quarter results capped an excellent FY18 performance for Tapestry which demonstrated the power of our multi-brand model. We achieved our annual sales and operating income guidance, driving significant growth while earnings per share outpaced our forecast. It was also a year of many milestones, as we completed the acquisition of Kate Spade and evolved into a true House of Brands, establishing Tapestry as our new corporate identity. Our company is built on shared values and a common operating platform while our brands retain their distinctive personalities, individual narratives and unique positioning.
Shares of Tapestry were last seen up about 12.5% at $53.41, with a consensus analyst price target of $555.65 and a 52-week trading range of $2.93 to $55.50.
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